Solar Panels to BRRR a property

[Joseph Pichardo]

Would any of you guys recommend installing solar panels to BRRRR?

I would also include the electricity in the rent bill if the proper offset is there.

Reason I ask is because I installed solar panels in my primary residence and when I applied for a heloc, it raised the appraisal by 15,000.

[Joseph Pichardo]

@Crystal Smith

So my current setup is for my primary residence which also happens to be multi family home. The solar panels total cost was $40,000 financed for 10 years at a 3.5% rate. 0 down.

There are two reason why I did it. One is because I was including the electricity in the rent.

The other one is that I’ll receive a $15000 tax break on my personal income tax plus a tax abatement on my property taxes. So it was a no brained since I’m pay a lot of federal taxes per year.

So far the average electricity bill is a total of $97/month (for both my apartment and the tenants). It use to average out to $290/mo

With that being said, I applied for a heloc to start my portfolio in the rental apartment and when I received the appraisal report, it valued the solar panels at 15k.